Caris Life Sciences has begun the commercial launch of a blood test designed to detect early signals for multiple types of cancer. [Photo: Caris Life Sciences]
“We are giving physicians and patients a powerful new tool to help identify cancer earlier and support more informed clinical decisions,” CEO David Dean Halbert says of Caris Detect.
Under the terms of the agreement, Caris is eligible to receive upfront and near-term payments of $25 million and is also eligible for up to $1.1 billion of potential research, development, commercial, and net sales payments, as well as potential tiered royalties on net sales of collaboration therapies, the company said.
Funding 25 projects across 17 institutions, the Dallas-founded nonprofit is prioritizing metastatic disease, precision medicine, and closing care gaps.
Eric Matthews will provide strategic leadership to biopharma business development, and through his executive leadership, support Caris' expanding portfolio of biopharma partnerships, the company said.
Now valued at more than $7.8 billion, Caris specializes in AI-powered genetic sequencing for personalized cancer treatments. The massive capital raise follows a $310 million round in October and boosts the 13-year-old company's total funding to about $1.3 billion.
The new center, on the campus of UT Arlington, will be available to academic and corporate researchers. Official said it could help elevate the region as a leader in precision medicine.